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Marketing Plan Basics-101
- 1. Marketing Basics For Small Business
- 10. 1. What is your Business (Mission)? 2. Who is your client? 3. How does the client define value? 4. What is the marketing plan? 5. How do we evaluate our effectiveness ? Ask Yourself …
- 12. CUSTOMER FOCUSED (How - What to Do - Ideas) MARKETING For Small Business
- 13. This part of the presentation introduces a variety of practical marketing approaches and ideas. Use it, as applicable, to generate ways to help develop your own business. Introduction
- 14. Be Innovative – Above All To build and maintain a business, you must be innovative. For example, if you are opening a new restaurant, you may, for a limited time, offer two dinners for the price of one. A plumber may waive the service call fee if he is late for an appointment These are not original ideas – you need to find and implement the ones which will work for you .
- 15. Find out what consumer incentives work in your business and the costs associated with various offers. But, be careful. As a restaurant owner do not forget to put specific expiration dates on coupons or else you may be serving free or discounted food for a long time. Incentives and Cost
- 16. To make a sale it is critical to reach the right person within your customer’s company. Addressing mail to Purchasing Manager or other company official is usually not effective. Do your research and take care to be highly targeted in your business communications. Reach the Decision Maker
- 17. Market and Marketing Research are vital to attain your business goals. Identify your customers and personalize your communications. This applies to direct mail, permission- based email marketing and phone solicitation . Research is Vital
- 18. Prospect identification should be a daily activity in any business. By making prospecting a continuing process, a steady flow of new sales leads will be produced. Never stop asking, "Who do we want to do business with”? Then enter all prospects into a database so they can be turned into customers over a period of time . Customer Prospecting
- 19. Mailing dull direct-mail pieces will not work well. Ask yourself: ”Will anyone be intrigued enough to read the mailer before tossing it in the trash can” A creative approach is necessary to be different and distinctive. You may need help from professional copy writers to make your mailers more effective. Remember, copywriting is an art. Be Creative
- 20. Many business writers use impersonal words such as "As per our conversation...“ "Pursuant to our agreement... There is no reason why business letters should not be friendly, conversational, interesting and use language which the customer is familiar with. Again personalisation is vital. Effective Letters
- 21. Have you asked selected prospects and customers how they view your business, products and services? When creating an ad, a brochure or a sales presentation, it is critical that you keep in mind what the customer wants, needs and expects. These concerns must be met. So, look for opportunities to obtain information which can help your marketing be more creative and targeted . What Do Customers Care About
- 22. People make buying decisions after making comparisons. Tell customers and prospects why it is in their best interests to do business with you. Then make the sale. Market - driven companies spend much time and effort influencing the way they are perceived by customers, prospects, investors and other stakeholders . Influence How Customers Think About Your Company
- 23. Customers are cautious. They don't like making mistakes or hasty decisions. This is why enticing offers are so valuable. "Try it for 30 days...free." "We won't charge your credit card for a month." "Your satisfaction is guaranteed." "Try the product for the weekend and use it all you want." The goal is to overcome the customer's reluctance and then ultimately close the sale. Make it easy to say yes . Make Compelling Offers
- 24. Do you use this excuse: "Oh, well. I can't be in the right place every time." Maybe, but your powerful message can. Develop powerful incentives for your customers to keep you in mind every day. For example, outstanding products and services promoted by a mix of relevant seminars, newsletters, blogs, bulletins, special events and informative articles will help ensure your success . Right Place at the Right Time
- 25. One of the best ways to differentiate your products or services is to give them distinctive names. Do you remember Roto-Rooter and Weed Wacker? These names are trademarks and you should also consider trademarks for your important products. Give your products clever names which take on new meanings, thereby distinguishing your products from those of your competitors. Make sure, however, that the name appeals to your customers --- not just to you . Name Your Product or Service
- 26. Persistence is power in marketing. Follow through long enough to produce proper results. Marketing momentum comes from consistent effort. For example, if you start a newsletter, issue it on schedule and only include relevant information. Remember, it takes time for customers and prospects to get acquainted and comfortable with your business . Persistent & Consistent
- 27. Do you find that many ads, letters, brochures, and other sales materials you receive are filled with words, illustrations and data that are of little interest to you? To help you write effectively for your publications, ask prospects what they want to know about your company and products. When you know your target customers you can meet their needs effectively. Effective Communications
- 28. For example if your Rolls Royce needs service – and one dealer insists you bring it and another says he will pick it up on his flat bed truck – which would you prefer? One dealer is clearly sending a signal that he doesn’t understand his customers and the other sends a powerful message - our customers are important. Find a way to add value that is recognized by customers. Understand Your Customers
- 29. Share all relevant information with your customers. This is the way to become a valued resource for them. When people use your ideas, they will buy what you sell and come back for more. Happy customers will recommend you to others. Satisfying customers’ needs builds trust . Build Trust
- 51. How to Create a Successful Marketing Plan
- 52. A marketing plan is a vital document which you have created and intend to follow to achieve your goals. If you are already in business, the marketing plan should reflect the strengths of your current efforts. If the plan is for a new product or service, it should define all critical elements of an effective marketing campaign. What is a Marketing Plan ?
- 65. . What Do We Plan to Accomplish Marketing Plan Objectives
- 67. . Resources to be Applied Marketing Resources
Hinweis der Redaktion
- Let’s get started.
- There appears to be no single accepted definition of Marketing. Perhaps it is easier to define Marketing by what it is not. It is not Engineering, Manufacturing, Quality Assurance, Human Resources, Finance or Administrative Functions. Marketing, then, is everything else .
- Effective Marketing, therefore, is critical to the success of any enterprise. That includes SCORE even though our counseling services are provided at no charge.
- Planning is the first management function. What is learned from Marketing will be used by all functional areas within the company. Engineering will design products to meet the needs of customers as defined by marketing. Product features – which add value as determined by the customer - will be carefully considered. Pricing policies and distribution channels are selected from what marketing does. Product packaging utility and appearance will be determined by what Marketing learns.
- Marketing provides both strategic and tactical input. The creation of the iPod was strategic for Apple, Inc. The decision to offer the iPod in black color is a tactical product adjustment to meet a fashion trend. Marketing is essential – without it success is limited. As noted in the iPod example, marketing contributions to the success of the company can be both for the long term or for immediate effect. Marketing personnel rely on communications with customers. Observations are also important. The companies which implement customer suggestions are likely to prosper. Let’s take a closer look.
- If you sell products to sports fishermen you will discover that there are several clusters within this group. For example, fly fishermen are very different from bass fishermen. The fly fishermen will use waders and spend much money on reels, poles and flies. Bass fishermen will often spend $50,000 on boats and motors – sometimes simply to get to the fishing grounds five minutes sooner. Therefore, look carefully at market segments. If you do not, you will be ineffective as well as inefficient in reaching your targeted customers.
- If you distribute and install artificial grass, target customers who live in arid areas such as Las Vegas. You might do best with homeowners who are just moving into their brand new homes. Marketing the same products to homeowners who live in San Diego would be a waste of time and money. You may select a niche which is a distinct segment of a market. For example – as an auto mechanic you may specialize in servicing European cars – or narrower yet, only older Mercedes cars.
- If you plan to be a wedding photographer you should select your niche carefully. If you plan to do the high end weddings, you need studios, personnel, equipment and the advertising budget which go with the territory. People who spend $20,000.00 on wedding photography would not likely do business with you if you operate from your apartment. On the other hand, people with more modest wedding budgets may be attracted by your reasonable price – and your lack of fancy facilities may not be an issue.
- If you sell, design, and install closet organizers you can add value by customizing the geometry to match the customer’s closet. Cost is likely, therefore, to be secondary to value. If you add the convenience of visiting the customer to make measurements you add further value – the cost element will be even less important. If you follow up with computer generated 3D layouts of the closet organizers which is custom configured for the customer, you add further value through communication. Closer to the installation time you would again consult with your customer. This mix of value, convenience, communications should allow you to optimize your profit margins.
- Are you selling cell phones or communications solutions. Why not add a Blackberry to your line. Are you selling to business people or all travelers. What is important to the customer. How much is he willing to pay to meet his needs. To whom is 99.99 % uptime the most critical definition of value? How do you sell to this customer. How do you know how effective the marketing plan is? Are sales volume, profit margins, inventory levels and return on assets/investment optimized. Or should you reduce some of the inventory on hand and quit promoting 99 % same day shipment of all orders?
- The first three points are self evident. With regard to point four, always seek to reduce the cost of selling and distributing your products. An intensive training program may help. Look to minimize hidden costs such as damage in transit. But you should probably not aim to eliminate damage entirely – because in doing so you may spend more in protective packaging than the cost of the occasional damaged shipment. Optimize inventory levels – or eliminate the warehouse entirely - if your supplier is willing to drop ship to your customer. Always innovate!
- Most slides in this part of the presentation do not have notes.
- Elance is a play on Freelance – writers and journalists who are not working for a specific publication. Elance is an organization which allows you (the customer) to get in touch with a writer who has the qualifications which you are seeking. You may post a project on the bulletin board and invite bids from interested writers. For example, you wish to receive a quotation for: Produce 12 articles on the care of cats to be mailed monthly to cat lovers. Each article must be between 400 and 500 words. Need your quotations in 5 days. This is not an endorsement of Elance.
- New meaning example: Mouse. It is still a rodent, but now, an important computer accessory. iPod is a clever combination of internet and pod.
- R. O. I. stands for Return On Investment. It is the amount of additional money (benefit) you will make by purchasing an item which increases revenue, lowers cost or both. Companies usually express this in terms of payback. For example, if a company has a policy of only purchasing capital items with a payback of two years or less, the purchase price must not be greater than twice the annual benefits.
- Let’s move on to the last part of today’s Marketing Seminar.
- Let’s take a closer look at the marketing plan.
- The marketing plan is the keystone of the overall business plan. Lenders who are asked to provide financing will read the marketing plan with keen interest. It is essential that you communicate a thorough understanding of the business you are in, and what it takes to be successful .
- Do the marketing plan ‘by the numbers’. Use this power point as a check list to ensure all relevant aspects of the plan are covered. The first use of this plan may be to support your application for funding. Use simple words to make your points, and by all means avoid sounding like a pre-fabricated presentation. Always provide a time perspective. Remember your marketing plan is part of an overall business plan and must support financial statements – usually by quarter and years. During plan implementation you will encounter events which you did not prepare for. Therefore, have a simple way of making adjustments and update financial impact. Make sure that your marketing plan is in harmony with your mission statements. It is essential that you stay focused and apply your core competencies for maximum effect. The business plan must be required reading for all marketing personnel. Then read it again and again .
- Lets take closer look at the components of a marketing plan .
- A mission statements conveys to all members what an organization aspires to be. Besides creating wealth for shareholders, it is the organization’s reason for being. Levi-Strauss has a short, wide and yet specific Mission Statement: “We will market the most appealing and widely worn casual clothing in the world. We will clothe the world.” Levi-Straus is in the casual clothing business – not just jeans. They make no statement about manufacturing, quality, pricing etc. “ We will clothe the world” is the stated objective. To achieve this all functional areas must work harmoniously and effectively.
- The visionary component of a mission statement reflects the company’s aspirations. The statement should be sufficiently broad to allow the company to leverage its expertise. The mission must be realistic considering the companies standing and resources. The motivational component should inspire employees and others to maximize their contributions to the company. Make the statement less than 25 words. Use understandable words – avoid technical terms and jargon. Ask your grandmother if she understands the mission statement .
- McDonald’s want to be the best in the world. Here is another example on a much smaller scale. If you just invented a superior rat trap and want to leverage this device for rat control service in Las Vegas you may want to consider this: Increase scope to rodent control, and maybe later, to pest control. Expand the territory to Nevada – just in case you are asked to control pests in legislative chambers in Carson City. Mission: Provide the most effective rodent control services in Nevada. We strive to keep Nevada rodent free . Oh well – mission impossible?
- The executive summary is a synopsis of the key points presented in the entire marketing plan. It should be written with the intended reader in mind. Therefore, the Executive Summary should reflect an understanding of what is important to the reader. If there is a compelling relevant short story to tell it may be effective as an attention getter. Perhaps the one about the old man in the Yukon who created a special Moose call which made the Moose come to him. This Moose call, now digitized as a distinct cell phone ring tone, would appeal to hunters – and, if the ring tone is amplified while hunting – actually draw the Moose to the hunter. The Moose Call Ring Tone and Sound Amplification Device called “Moose Now” is the product which is the subject of this marketing plan. (The author of this presentation just made up this story – perhaps the idea has legs). If this story makes the reader want to read the entire plan you have written an effective Executive summary.
- Provide a recap of relevant historical data to give the reader a perspective. Provide details about the status of the current marketing efforts. What is going well – what is not working. Elaborate on future marketing initiatives. Provide rationale for changes or maintaining current marketing mix. Discuss resources which are available to support in house and sub-contracted activities. Provide rationale for the marketing budget. Analyze strengths and resulting positive impact on the organization. Indicate weaknesses and plans for improvement. Discuss culling of underperforming products or services and alternative uses for marketing budgets.
- Discuss the economy and its impact on your products. Disclose planned economy driven marketing adjustments. Discuss any marketing initiatives or changes as a result of demographic factors such as age, gender, ethnicity, education and income. Trends, opportunities and threats will be discussed in a subsequent slide. Competition - subsequent slide. Target market - subsequent slide .
- Identify and discuss trends which may affect your marketing plan. If you are a plumber who installs increasingly expensive copper plumbing, consider the implications of a change to plastic piping. Analyze opportunities and how to take advantage of them. If you export products describe how you intend to take advantage of a declining dollar. Threats can come from many conditions. If you rely on people driving long distances to reach your business, high gasoline prices may negatively impact your business. If you are selling CD’s the popularity of downloaded music may be a threat. Discuss the probability of occurrence of these trends, opportunities and threats .
- Your direct competitors sell identical or similar goods or services. Indirect competitors are after the same discretionary spending dollar as you are. If you are representing a manufacturer, you may be competing with direct sales employees - perhaps over the internet. Identify and list your competitors. Analyze products and services offered by competitors. Discuss how your competitors do business, including pricing, packaging and promotion. Discuss your competitors strengths and weaknesses. What can you learn from them. Describe how you can stand out and offer better value .
- Describe your current customers and how you intend to obtain new ones. If you are a maker of specialty travel luggage, perhaps you can add a special golf ball pocket and sell the custom made bags to golfers through Pro Shops. As a specialty travel luggage manufacturer you may also be able to respond to TSA – Transportation Safety Administration – requirement pertaining to lotions and creams etc. in carry on luggage. You may be able to convince TSA that a small pocket with a transparent cover integrated into the carry on luggage will be a permissible way to carry toiletries. This feature would then serve as an alternative to the re-sealable transparent bag currently in use. Perhaps airport shops would sell such a product. Identify and exploit market clusters to enhance sales. If you are in the travel business, perhaps you should position yourself to serve the special needs of eco-tourists.
- State realistic goals which can be quantified. Examples may include: Increase sales of skateboards by 22% in year 2007. Increase customer base from 510 to 600. Add value by attracting 100 new customers who want training along with the SCUBA products which they purchased. Increase market share by 11% (which can be difficult to measure ).
- Demonstrate that you know your customers – who they are, their traits and why they are likely to buy from you. The target market, then, is a group of individuals who are interested in your products based on segmentation factors such as demographic (age, gender etc.); geographic (location); psychographic (traits, beliefs etc.) and consumer characteristics (loyalty, shopping frequency etc.). If you are selling home maintenance insurance, for example, you may describe programs and services you intend to offer to your target markets. Packaging is usually very important. An attractive package with product information may be the key to making the sale. Discuss pricing strategies. Make sure price is consistent with product appearance, utility, packaging and sales location. Discuss how your product will be promoted - keeping in mind your product pricing rationale .
- Indicate what internal marketing resources are available. Perhaps you have a great desktop publishing capability in house. Discuss, if applicable, what marketing resources outside your organization which may be applied. If you are a distributor you might get help from your Principals. From Principal A you may plan to: Get help in training your sales force. Participate in his trade shows. Get applications engineering help .
- Outline specific steps which will be taken to execute the marketing plan. Provide a sequence of events. Indicate who will be held responsible for the plan implementation. Provide a time-line for implementation. Indicate the amount of money which is allocated to the Marketing Budget on a timeline which supports the financial exhibits .
- Indicate the amount of money allocated to the various components in the budget. Advertising could include all or specified media. Direct mail could be based on internally generated or purchased lists of prospective customers.. Databases – perhaps for permission based email advertising. Printing could be for many purposes – and keep in mind the usually expensive production work which precedes it.. Trade shows can be effective and a good way to obtain immediate feedback from customers.
- Indicate how the Marketing Plan and its execution will be evaluated. Schedule compliance is perhaps easiest to track. With some simple data gathering, the number of new customers, sales capture rates and size of orders can be determined. (Sale capture rate refers to how often you secure the business vs sales lost to a competitor). Revenue change is also easy to determine, but may not be entirely attributable to marketing. For example, a competitor closing his shop, improved product quality and other factors may have made a significant difference.
- The marketing plan is a process which brings together many elements. A disciplined approach is always the best. When goals and results are quantified the measurement of effectiveness is less subjective and creates a basis for accountability. Success measurements, as defined in the plan, are critical. The Marketing Plan is not a piece of shelf decoration – it must be referred to often. As always management support at the highest levels must be visible and continues to achieve maximum benefit. Nothing is static, so the plan must be kept up to date.